Vechain (VEN) has emerged second in the 2018 LVMH innovation award! This is a big deal, and Vechain investors should rejoice and to take pride in it. That’s because out of all the projects that were in this competition, Vechain was the only blockchain project that made it to the top. Also, many see this as a number one position considering that Vechain lost to a French company. The French president has been pushing French tech in the recent past, and it’s only natural that it’s a French company that won.
However, the biggest win for Vechain from this award is in terms of adoption potential. Thanks to this win, it is clear that the business world is ready for blockchain solutions that go beyond payment solutions. Vechain definitely garnered more opportunities for integration, especially with manufacturers looking to streamline their business operations.
We are likely to see an increase in the number of companies taking an interest in the Vechain blockchain. The Vechain Baas could see major adoption by French companies, especially those in manufacturing. There are so many companies out there that are affected by counterfeiting that didn’t know about Vechain, but will now possibly adopt it to deal with this problem. Vechain has already been tested by LVMH in protecting its luxury bags from counterfeits. That’s pretty much a guarantee that they will be using Vechain in their business in the future, and it opens the way for other French businesses to follow suit.
Besides, with such a top ranking, there are so many people who didn’t know about Vechain, but are now aware of it, and what it has to offer. Such people will have more confidence investing in Vechain (VEN). This will drive up volumes, and as we know, volumes play a huge role in the future direction of a cryptocurrency. Up to this point, Vechain has mainly been popular in Asia, and now it has an opportunity to grow its investor base in Europe, one of the most important crypto markets in the world.
Even from a technical analysis perspective, Vechain (VEN) seems to be doing quite well at the moment. In the weekly charts, Vechain has formed a higher low, which is usually indicative of a bull run. Volumes too are on the rise, indicating that after this award, money is slowly flowing into Vechain faster than most other blockchain projects. As more money flows in, Vechain could easily end this quarter as a top performer pushed by European investors, who didn’t know about Vechain, or were skeptical about it before this award.
To sum it up, the runners up position that Vechain (VEN) has won should be viewed as win by investors. It is free publicity and a validation to the Vechain (VEN) blockchain. This is a great time to stock up on Vechain. As it continues to get adopted and more people get to know about it in the west, this project will be headed to the moon!